Through a grant from the U.S. Environmental Protection Agency (EPA), Somerville administers an environmental site testing "pilot" program for former commercial or industrial sites that are either known or suspected to be burdened by contamination. Frequently referred to as "brownfield" sites, these properties often experience difficulties during real estate transactions due to prospective buyers' fears of unknown or unquantified cleanup costs. Under Somerville' Brownfield Economic Development Pilot (BEDP) program, a commercial or industrial business or developer who is interested in purchasing a Brownfield site would be eligible to receive two types of assistance:
Site Testing Services: Participants in the program receive a full round of environmental site testing services from a qualified environmental consultant, and a cost estimate for any remediation determined to be necessary. This site testing occurs at the time an interested buyer/developer seeks to perform due diligence, prior to executing any purchase and sale agreement for purchase of a Brownfield site. This portion of the program is funded through an EPA grant.
Cost Overrun Coverage: Based on the cost estimate for site remediation, the program participant may elect to enter into an environmental remediation cost overrun agreement with the City of Somerville' SPCD. This locally administered stop-loss coverage is intended to protect the interested buyer/developer from unforeseen cost overruns that could occur during actual cleanup activities. This portion of the program is funded through Community Development Block Grant (CDBG).
